Manhattan Bankruptcy Lawyer Daniel Gershburg discusses the Meeting of the Creditors

I am a Manhattan Bankruptcy attorney and have seen my fair share of 341 meetings (better known as the meeting of the creditors).  One of the most important responsibilities I have to my clients, as a Manhattan Bankruptcy attorney, is to prepare them for this meeting.  Why?  Because this is the meeting that really generally decides whether the trustee will close your case or keep it open.  It depends on whether that trustee believes or trusts the answers that you are giving.  Basically does everything make sense or not.  One of the most important facets of this is meeting the bankruptcy debtor or speaking with them on the phone to ensure they are prepared for the questions that will be asked.

What are the most common questions you’ll hear in a New York City Bankruptcy case:

1.  When was the last time you used credit cards.

2.  Whats the most amount youve had in your bank account in the past year.

3. Have you ever owned a business.

4. Is anyone sick or dying and leaving you money.

5. Do you, or have you ever owned any real estate?

6. Do you own a car.

There are plenty more, however, the key, again, is to make sure I prepare my client for that meeting.  If you’re reading this and you’re planning to file for Bankruptcy in New York City, you may think “These are easy questions, no problem.”  The issue is that you generally feel fine at home, but you tend to get nervous at the time of the meeting.  Its normal.  Its somewhat intimidating.  But thats the key to preparing for that meeting.  If we’ve gone over the questions together, you’ll feel much more comfortable on the day of the meeting.  Furthermore, I always tell my clients to show up at least 30 minutes before their meeting time so they can sit in the room and listen to the questions that will be asked.

If you’re prepared for a Chapter 7 Manhattan Bankruptcy meeting, then the trustee will know it, in my opinion, and your case may move smoother along.  Think about it, the trustee has to interview dozens of people a day, many of which are not prepared and are thinking about answers for a long period of time.  If you come in, and already know the typical questions and answer quickly and truthfully, it will lessen the burden on that trustee.  Its what I do for all of my clients and it helps everyone involved in the Chapter 7 bankruptcy process.